Technical analysis of EUR/JPY for July 21, 2015 Market Analysis Review

General overview for 21/07/2015 08:50 CET

Sideways consolidation continues fter a successful intraday test of the intraday support at 134.36. The market is range bounded between the levels of 135.04 and 134.36. A breakout to the upside is being expected, but any breakout below the intraday support at the level of 134.36 would extend a downfall towards the wave A blue support at the level of 133.28.

Support/Resistance:

135.77 - WR3

136.17 - WR2

135.34 - WR1

135.04 - Weekly Pivot

134.74 - Intraday Resistance

134.36 - Intraday Support

134.23 - WS1

133.89 - WS2

133.28 - Swing Low

133.09 - WS3

Trading recommendations:

Due to the sideways price action, trading advise is still valid: buying on dips is a way to trade on this market and daytraders should consider opening sell orders only if the level of 134.36 is clearly violated ( hourly candle close below this level).

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